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Nokia's Quarterly Profit Declines, Announced Spending Cuts And Layoffs
- Oct 27, 2018 -

Xinhua News Agency, Helsinki, October 25 (Xu Qian) Finland's information and communication technology company Nokia on the 25th released the third quarter of 2018 financial report, although the company's sales fluctuations are small, but operating profit fell significantly. Nokia also announced cost reduction measures including layoffs worldwide.

Nokia’s sales for the third quarter of this year were 5.46 billion euros, a slight decrease of 1% year-on-year; operating profit was 487 million euros, a sharp drop of 27% year-on-year.

Nokia announced on the same day that it plans to cut 700 million euros by 2020. Company CEO Rajiv Suri said in an interview with the media that the number of layoffs worldwide could reach thousands.

Local media analysts believe that the austerity plan is related to the company's profit decline, but Nokia denied this speculation. Currently, Nokia has approximately 100,000 employees worldwide.